DailyDirt: Cool Coins, Unpopular Coins...

from the urls-we-dig-up dept

While digital forms of payment are becoming increasingly popular, cash probably isn't going away anytime soon, and a lot of people still like to collect coins. For the amateur numismatists out there, here are just a few interesting coin stories.

Re:

The argument for dollar coins in the US is based on a faulty premise: That they'll be in circulation for enough time above dollar bills that they're worth the added expense to make.
Listen to the Planet Money episode:

Our dollar bills are already cheaper to produce than coins, and longer-lasting than the small notes that all the other countries used to have. Switching to dollar coins is a bad idea for us, even if it made sense for other countries.

What's a coin?

The US GAO recommends replacing dollar bills with dollar coins -- even though dollar coins are a hugely unpopular with people who actually spend American money.

yea, obviously !!!!

you would not use dollar coins if you don't have any dollar coins, in countries that do have $1 coins they are super popular.

they were not considered bad when they were first introduced either, you were just told that on a certain date coins would be issued. and you could convert your notes for coins at a bank.

they are heaps better, and your coin box really does build up value.

Australia has what is considered the best money in the world, you simply cannot counterfeit our notes, or tear them up.

and we have $1 and $2 dollar coins and have had them for probably over 20 years.

You Americans seem very slow in catching up.

"Australia was the first country in the world to have a complete system of bank notes made from plastic (polymer). These notes provide much greater security against counterfeiting. They also last four times as long as conventional paper (fibrous) notes."

Dollar coins, but fewer coins in your pocket anyway

Dollar coins are economical. Pennies (and arguably nickels and even dimes) are uneconomical and pointless -- we abolished the half-cent coin when its purchasing power was greater than that of a present-day dime.

To do it right, besides stopping production of one dollar notes, ramping up production of dollar coins, and abolishing pennies and nickels and adding rounding lines to all cash transactions, we need to introduce a two dollar coin.